Liechtenstein Bank to Pay $23.8 Million to Resolve Criminal Tax Investigation

The DOJ entered into a non-prosecution agreement with Liechtensteinische Landesbank AG, a bank based in Vaduz, Liechtenstein (LLB-Vaduz).  Under this agreement, LLB-Vaduz will pay more than $23.8 million to the United States and will not be criminally prosecuted for opening and maintaining undeclared bank accounts for U.S. citizens from 2001 through 2011. LLB-Vaduz admitted to assisting a U.S. taxpayers in evading tax obligations, filing false federal tax returns with the IRS and otherwise hiding accounts held at LLB-Vaduz from the IRS.

The NPA requires LLB-Vaduz to forfeit $16,316,000, representing the total gross revenues that it earned in maintaining these undeclared accounts, and to pay $7,525,542 in restitution to the IRS, representing the approximate unpaid taxes arising from the tax evasion by LLB-Vaduzs clients. For more information, see the DOJ Press Release.

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